The rupee fell to a record low on Friday showing the month-old cash tightening steps from the RBI have so far failed to prop up the currency.

The rupee was last at trading with the dollar at 62.03 aving breached its previous all-time low of 61.5. It was trading at an all time low of 217.2 to the Kuwaiti dinar as well

"Basically, we have been concerned about the rupee behaviour for sure and have been observing that the RBI's tight money policy has probably not helped beyond a point," said Deven Choksey, MD, K R Choksey Securities.

"I believe that monetary policy has a very literal role to play unless the real economy starts improving, given the fact that inflows into the real economy are not taking place" he added.